Rafferty Asset Management LLC Has $8.38 Million Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Rafferty Asset Management LLC cut its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 6.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 111,220 shares of the bank's stock after selling 7,639 shares during the period. Rafferty Asset Management LLC owned 0.12% of Prosperity Bancshares worth $8,380,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PB. Blue Trust Inc. boosted its position in shares of Prosperity Bancshares by 14.9% during the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank's stock worth $71,000 after buying an additional 128 shares during the period. CIBC Private Wealth Group LLC boosted its position in Prosperity Bancshares by 4.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock worth $229,000 after acquiring an additional 128 shares during the period. Sanctuary Advisors LLC boosted its position in Prosperity Bancshares by 3.8% during the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock worth $430,000 after acquiring an additional 194 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of Prosperity Bancshares by 23.9% during the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock valued at $76,000 after purchasing an additional 195 shares during the period. Finally, Savant Capital LLC raised its stake in shares of Prosperity Bancshares by 4.6% during the fourth quarter. Savant Capital LLC now owns 4,505 shares of the bank's stock valued at $339,000 after purchasing an additional 197 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $70.63, for a total value of $35,315.00. Following the transaction, the director now owns 104,815 shares in the company, valued at $7,403,083.45. The trade was a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 6,600 shares of company stock valued at $460,409 over the last ninety days. 4.20% of the stock is owned by company insiders.

Prosperity Bancshares Price Performance

NYSE PB traded down $0.03 during trading hours on Thursday, reaching $69.92. The company's stock had a trading volume of 670,775 shares, compared to its average volume of 586,958. The firm has a fifty day simple moving average of $68.92 and a 200-day simple moving average of $75.01. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76. The stock has a market cap of $6.66 billion, a P/E ratio of 13.82, a P/E/G ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.02. The company had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Prosperity Bancshares's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.18 earnings per share. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.32%. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.

Analysts Set New Price Targets

A number of equities research analysts have commented on PB shares. Jefferies Financial Group began coverage on Prosperity Bancshares in a research report on Wednesday. They set a "buy" rating and a $85.00 price objective for the company. Hovde Group lowered their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Barclays cut their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Raymond James increased their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.80.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.